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June 22, 2022

CT launches homebuyer assistance program

A home with a 'sold' sign in the front yard. Pixabay | pixabay.com/photos/house-home-sold-brick-for-sale-435618/
By Andrew Larson

The state has launched a program that will help first-time homebuyers make down payments and cover closing costs on mortgage loans.

Gov. Ned Lamont is set to make the announcement at Webster Bank, 185 Asylum St. in Hartford, at 12:30 p.m. Wednesday.

The program, called Time to Own, begins accepting applications Wednesday. It provides down payment assistance to low- and moderate-income borrowers applying to the Connecticut Housing Finance Authority’s First-Time Homebuyer Program. 

Lamont will be joined by Department of Housing Commissioner Seila Mosquera-Bruno, along with Nandini Natarajan, CEO and executive director of the Connecticut Housing Finance Authority; John Ciulla, president and CEO of Webster Bank and Hartford Mayor Luke Bronin.

The program is administered by the CHFA on behalf of the Connecticut Department of Housing and is funded with $20 million allocated by the state Bond Commission in December.

“This program breaks new ground, offering homebuyers the opportunity to secure their first home with help of an innovative, forgivable loan program,” Lamont said. “It will bring the dream of homeownership to life for thousands of Connecticut residents.”

Time to Own loans are structured as a 10-year, 0% non-amortizing loan, with one-tenth of the principal amount forgiven on the anniversary of the loan closing each year until the loan is fully forgiven. 

Eligibility factors include the borrower’s financial needs, their ability to repay their mortgage obligations and their eligibility under CHFA’s First-Time Homebuyer Program, which is open to new homebuyers or those who have not owned a home in the last three years. Applicants must have lived in Connecticut for the past three years.

For properties in areas designated as “high” or “very high” opportunity in the Connecticut Opportunity Map, the borrower may be eligible for up to $50,000 in assistance. 

To learn more about the assistance program, visit www.chfa.org/TimeToOwn or call the CHFA’s homeownership hotline at 1-844-CT1-HOME (1-844-281-4663).

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